Romney: Election over, principles endure

Story highlights

But a friend says the nominee was far from the caricature he was portrayed to be

In the end, the Etch A Sketch didn't work.

Mitt Romney, the multimillionaire who touted his business credentials as the Republican presidential hopeful, failed to convince voters that he was the man to unseat President Barack Obama and jump-start the economy.

"We have given our all to this campaign," Romney told supporters in his concession speech. "I so wish that I had been able to fulfill your hopes to lead the country in a different direction, but the nation chose another leader, and so Ann and I join with you to earnestly pray for him and this great nation."

The result brought an end to Romney's longtime ambitions to become the nation's commander-in-chief. He had come up short in the GOP primary in 2008, but maintained his ambition and launched his 2012 candidacy on a farm in New Hampshire.

He stumped across the nation, focusing on key swing states such as Ohio and Florida, selling himself as the ultimate alternative to Obama -- a man who understood how to fix the economy and who had worked across the aisle as governor in largely Democratic Massachusetts.

Just Watched

Romney campaign plans failed to launch

From the campaign trail – Republican presidential candidate Mitt Romney and his running mate, Rep. Paul Ryan, order food at a Wendy's restuarant in Richmond Heights, Ohio, on Tuesday.

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From the campaign trail – Romney boards his campaign plane in Bedford, Massachusetts. The Romney camp has decided to continue campaigning on Election Day.

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From the campaign trail – President Barack Obama gets emotional at his final campaign rally in Des Moines, Iowa, on Monday, November 5, on the eve of the U.S. presidential election. Obama's speech included references to his 2008 campaign and his victory in the Iowa caucuses, which helped catapult his political career.

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From the campaign trail – The president and first lady Michelle Obama embrace Monday in Des Moines at his last campaign rally before the election.

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From the campaign trail – A young supporter listens to Obama at Monday's rally in Des Moines.

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From the campaign trail – Romney and his wife, Ann, greet supporters at a rally late Monday in Manchester, New Hampshire.

From the campaign trail – Obama is greeted by former President Bill Clinton during a campaign rally in Concord, New Hampshire, on Sunday, November 4. Obama and Romney darted from swing state to swing state, trying to fire up enthusiasm among supporters and win over any last wavering voters before Election Day.

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From the campaign trail – Romney meets some young supporters during a campaign rally at the Hy-Vee Center in Des Moines, Iowa, on Sunday.

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From the campaign trail – Romney arrives at Sunday's rally in Des Moines.

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From the campaign trail – Obama arrives at a campaign rally in Dubuque, Iowa, on Saturday, November 3.

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From the campaign trail – Romney supporters attend a rally in Englewood, Colorado, on Saturday.

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From the campaign trail – Obama arrives at Cleveland Burke Lakefront Airport before an event in Mentor, Ohio, on Saturday.

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From the campaign trail – President Barack Obama departs aboard Marine One for travel to campaign events in Ohio, Wisconsin, Iowa and Virginia from the south lawn of the White House on Saturday.

From the campaign trail – Romney gets ready to step off his campaign bus during an event Thursday, November 1, in Doswell, Virginia.

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From the campaign trail – Obama addresses a campaign rally Thursday at Austin Straubel International Airport in Green Bay, Wisconsin.

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From the campaign trail – U.S. Republican Presidential candidate Mitt Romney greets policemen who were part of his motorcade as he prepares to board his campaign plane in Roanoke, Virginia on Thursday.

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From the campaign trail – Supporters wait to hear President Obama during a campaign rally at Austin Straubel International Airport on Thursday.

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From the campaign trail – Mitt Romney holds a baby during a campaign event at Meadow Event Park on Thursday.

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From the campaign trail – President Obama speaks during a campaign rally at Austin Straubel International Airport.

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From the campaign trail – A Mitt Romney supporter holds an American flag during a campaign event at Meadow Event Park.

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From the campaign trail – President Barack Obama greets and comforts victims of Hurricane Sandy at a shelter in Brigantine, New Jersey, on Wednesday, October 31.

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From the campaign trail – Republican presidential candidate Mitt Romney holds a campaign rally on Halloween at Metropolitan Park in Jacksonville, Florida, on Wednesday, October 31.

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From the campaign trail – President Barack Obama speaks about the federal government's response to Superstorm Sandy at the headquarters of the Red Cross in Washington on Tuesday, October 30.

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From the campaign trail – Republican presidential candidate Mitt Romney accepts a food donation for storm victims at an event in Kettering, Ohio, on Tuesday.

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From the campaign trail – Supporters listen as Romney speaks at an event to collect food and supply donations for storm victims in Kettering, Ohio, Tuesday.

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From the campaign trail – Romney talks with advisers on his campaign bus while en route to a rally at Avon Lake High School on Monday, October 29, in Avon Lake, Ohio.

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From the campaign trail – Obama makes a statement in the White House briefing room following a briefing on Hurricane Sandy on Monday in Washington. Obama returned early from a campaign trip to Florida and has canceled several other campaign events to monitor the storm.

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From the campaign trail – Former President Bill Clinton speaks during a campaign rally with Vice President Joe Biden on Monday in Youngstown, Ohio. Obama had planned to attend the event but canceled to monitor Hurricane Sandy.

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From the campaign trail – Obama steps off Air Force One on Monday upon arrival at Andrews Air Force Base in Maryland.

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From the campaign trail – People line up in the rain for a campaign rally with Clinton and Biden on Monday in Youngstown, Ohio.

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From the campaign trail – Democratic supporters listen during a campaign rally Monday with Clinton and Biden.

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From the campaign trail – Romney greets supporters during a campaign rally at Avon Lake High School on Monday in Avon Lake, Ohio. Romney canceled other campaign events planned for Monday and Tuesday due to Hurricane Sandy.

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From the campaign trail – A young girl looks on during a campaign rally for Romney at Avon Lake High School on Monday.

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From the campaign trail – Romney speaks during a campaign rally at Seven Cities Sod on Monday in Davenport, Iowa.

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From the campaign trail – Romney gets into his SUV after landing Monday in Vandalia, Ohio.

From the campaign trail – A supporter of Mitt Romney and Paul Ryan wears a campaign sticker on his shoe during a campaign rally at the Celina Fieldhouse in Celina, Ohio, on Sunday, October 28.

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From the campaign trail – Obama delivers remarks during a campaign rally at Elm Street Middle School in Nashua, New Hampshire on Saturday, October 27. With 10 days to go before the presidential election, Obama and his opponent, former Massachusetts Gov. Mitt Romney, are criss-crossing the country from one swing state to the next in an attempt to sway voters.

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From the campaign trail – A young Romney supporter holds a homemade sign during a campaign rally at Ranger Jet Center on Saturday in Kissimmee, Florida.

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From the campaign trail – Obama speaks at a campaign rally in Nashua, New Hampshire, on Saturday.

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From the campaign trail – Romney emerges from his SUV at Akron-Canton Regional Airport on Saturday in Canton, Ohio.

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From the campaign trail – Romney and his running mate, Rep. Paul Ryan, hold a campaign rally at Canton Hoover High School in North Canton, Ohio, on Friday, October 26.

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From the campaign trail – Obama chats with firefighters after dropping off doughnuts for them at a fire station in Tampa, Florida, on Thursday, October 25.

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From the campaign trail – Romney, center, poses for a photo with workers at First Watch Cafe on Thursday.

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From the campaign trail – Volunteers make phone calls seeking support for Romney at his Arlington Victory Center in Virginia.

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From the campaign trail – Obama kisses a baby during a campaign rally at Byrd Park in Richmond, Virginia, on Thursday.

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From the campaign trail – Supporters take photos of Obama during a campaign rally at Ybor City Museum State Park in Tampa on Thursday.

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From the campaign trail – Supporters look on as Romney speaks during a campaign rally at Jet Machine in Cincinnati.

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From the campaign trail – Romney says goodbye to Ryan at Denver International airport on Wednesday, October 24.

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From the campaign trail – Supporters cheer as Obama speaks during a campaign event at Mississippi Valley Fairgrounds in Davenport, Iowa, Wednesday.

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From the campaign trail – The president speaks with residents during a lunch with a group of Obama for America volunteers at an unanounced stop at Antonella's Pizzeria in Davenport, Iowa, on Wednesday.

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From the campaign trail – Romney holds a campaign rally at the Reno Event Center in Nevada on Wednesday.

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From the campaign trail – Obama greets people at Buckley Air Force Base in Aurora, Colorado, Wednesday.

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From the campaign trail – Romney gestures to the crowd during a campaign event at the Reno Event Center in Reno, Nevada on Wednesday.

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From the campaign trail – Romney talks with his running mate Rep. Paul Ryan of Wisconsin aboard their campaign plane on Tuesday, October 23, en route to Denver. A day after the final presidential debate, Romney is campaigning in Nevada and Colorado.

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From the campaign trail – President Obama holds a baby as he greets people during a campaign rally at the Delray Beach Tennis Center on Tuesday, October 23, in Delray Beach, Florida. Obama continues to campaign across the United States in the run-up to the November 6 presidential election.

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From the campaign trail – Obama and Romney hug their wives on stage after finishing their third and final presidential debate at Lynn University in Boca Raton, Florida, on Monday, October 22.

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From the campaign trail – Romney and his wife, Ann, try to relax backstage with members of their family before the start of Monday's debate.

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From the campaign trail – Obama reads briefing material while meeting with advisers inside his cabin on Sunday, October 21, at Camp David, Maryland.

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From the campaign trail – Republican candidate Mitt Romney plays with his grandson while having dinner on Sunday in Delray Beach, Florida.

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From the campaign trail – Bartek Wawruch stands between cardboard cutouts of Obama and Romney at Lynn University in Boca Raton, Florida, on Saturday, October 20, as the campus prepares for Monday's presidential debate.

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From the campaign trail – Romney boards his campaign plane at Newark Liberty International Airport on Friday, October 19.

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From the campaign trail – U.S. President Barack Obama speaks during a campaign rally at George Mason University in Fairfax, Virginia, on Friday.

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From the campaign trail – Romney speaks with campaign staff on board his campaign plane at Washington Dulles International Airport in Chantilly, Virginia, on Thursday, October 18.

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From the campaign trail – Obama speaks during a rally at Veterans Memorial Park in Manchester, New Hampshire, on Thursday.

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From the campaign trail – Jack Bunn, 51, and Jane Cookson, 57, cast their votes at the Board of Elections early voting station in Wilson, North Carolina, on Thursday.

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From the campaign trail – Barack Obama and Jon Stewart speak during a break in the live taping of Comedy Central's "The Daily Show with Jon Stewart" on Thursday.

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From the campaign trail – Supporters of Mitt Romney attend a campaign rally in Chesapeake, Virginia, on Wednesday, October 17.

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From the campaign trail – Mitt Romney is seen backstage through a campaign flag as he waits to take the stage at a rally in Chesapeake, Virginia, on Wednesday.

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From the campaign trail – Supporters of Obama listen to him speak during a rally at Cornell College in Mt. Vernon, Iowa, on Wednesday.

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From the campaign trail – President Barack Obama arrives at Rickenbacker International Airport in Columbus, Ohio, for a campaign rally Wednesday.

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From the campaign trail – A group of men watch the presidential debate on television screens at an electronics store in Miami on Tuesday, October 16.

From the campaign trail – A worker cleans a sign for the Commission on Presidential Debates before the second presidential debate in Hempstead, New York, on Tuesday.

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From the campaign trail – Members of the production crew ready final preparations for the second presidential debate between President Barack Obama and Republican nominee Mitt Romney on Tuesday.

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From the campaign trail – First lady Michelle Obama greets supporters during a campaign rally at Ohio Wesleyan University in Delaware, Ohio, on Monday, October 15.

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From the campaign trail – Supporters of President Barack Obama cheer during the campaign rally at Ohio Wesleyan on Monday.

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From the campaign trail – Obama jokes about a telephone with campaign volunteers Alexa Kissinger, left, and Suzanne Stern as he makes calls from a campaign office in Williamsburg, Virginia, on Sunday, October 14.

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From the campaign trail – Dolls depicting Obama and Mitt Romney are on display at a gift shop at Baltimore/Washington International Thurgood Marshall Airport in Maryland on Sunday.

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From the campaign trail – Romney holds up a baby as he works the rope line after delivering remarks at a rally in Lebanon, Ohio, on Saturday, October 13.

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From the campaign trail – A supporter holds an American flag in front of the Ohio logo on his shirt as he stands with a crowd at Shawnee State University to hear Romney speak on Saturday.

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From the campaign trail – Mario Orosa, left, and Ron Cathey, right, chat with Obama during dinner at Smith Commons restaurant in Washington on Friday, October 12. Obama had dinner with contest winners who contributed to his re-election campaign.

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From the campaign trail – Romney, right, and GOP vice-presidential candidate Paul Ryan greet supporters as they arrive at a rally in Lancaster, Ohio, on Friday.

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From the campaign trail – Students walk past a political mural near Centre College in downtown Danville, Kentucky, where Vice President Joe Biden and Republican vice-presidential nominee Rep. Paul Ryan faced off Thursday, October 11.

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From the campaign trail – Ryan greets his son Sam after the debate in Danville, Kentucky, on Thursday.

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From the campaign trail – Romney, left, speaks with the Rev. Billy Graham during a visit to the Graham cabin in Montreat, North Carolina, on Thursday.

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From the campaign trail – Obama greets supporters at a campaign rally at the University of Miami on Thursday.

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From the campaign trail – Romney and New Jersey Gov. Chris Christie talk with supporters at Buns Bakery and Restaurant in Delaware, Ohio, on Wednesday, October 10. Romney is campaigning in Ohio with less than a month to go before the general election.

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From the campaign trail – Christie, left, and Romney walk up to the stage at Ariel Corporation in Mount Vernon, Ohio, on Wednesday.

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From the campaign trail – Centre College students Ben Boone, left, a stand-in for U.S. Vice President Joe Biden, and Tommy Munoz, a stand-in for Republican Vice Presidential candidate Paul Ryan, wave during a rehearsal for the vice presidential debate in Danville, Kentucky, on Wednesday.

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From the campaign trail – Members of the media watch as President Barack Obama arrives aboard Marine One on the South Lawn of the White House on Tuesday, October 9, in Washington. The president was returning from a two-day campaign trip to California and Ohio.

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From the campaign trail – Obama addresses supporters during a campaign event at The Ohio State University on Tuesday.

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From the campaign trail – Two Obama supporters, one holding a Big Bird book and the other clutching a picture of the president, listen while he speaks at a rally at Ohio State on Tuesday.

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From the campaign trail – Republican presidential candidate Mitt Romney departs a Wendy's restaurant with his dinner order in Cuyahoga Falls, Ohio, on Tuesday.

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From the campaign trail – Supporters cheer as Romney delivers remarks on the James Koch Farm in Van Meter, Iowa, on Tuesday.

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From the campaign trail – Allan Banojakedjian, left, and Jesus Romero fill out their voter registration forms at the Miami-Dade Elections Department on the final day of registration for the upcoming presidential election.

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From the campaign trail – Rain doesn't keep Romney from campaigning in Newport News, Virginia, on Monday, October 8.

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From the campaign trail – Obama holds a campaign event Monday at the Bill Graham Civic Auditorium in San Francisco.

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From the campaign trail – Obama takes the stage at a campaign concert at the Nokia Theatre in Los Angeles on Sunday, October 7. The president has been on a three-day trip to California and Ohio.

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From the campaign trail – Air Force One leaves a shadow as it passes over the Forum on approach to Los Angeles International Airport on Sunday.

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From the campaign trail – Obama leaves the White House on Sunday to board Air Force One.

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From the campaign trail – Republican presidential candidate Mitt Romney and his wife, Ann, greet workers at the Tin Fish restaurant following a rally Sunday in Port St. Lucie, Florida.

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From the campaign trail – Romney casts a shadow on a banner as he speaks during a campaign event in Apopka, Florida, on Saturday, October 6.

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From the campaign trail – A supporter holds a photograph of Romney in Apopka on Saturday.

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From the campaign trail – Jon Bon Jovi performs at an Obama for America event at the House of Blues in Las Vegas on Saturday. It was the last day people in Nevada could register to vote in the upcoming presidential election.

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From the campaign trail – Romney speaks during a campaign event in St. Petersburg, Florida, on Friday, October 5.

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From the campaign trail – Romney supporters listen during Friday's campaign event in St. Petersburg.

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From the campaign trail – Obama smiles as he speaks during a campaign rally in Fairfax, Virginia on Friday.

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From the campaign trail – Obama is assisted with putting on a raincoat onstage during a campaign rally at Cleveland State University on Friday.

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From the campaign trail – Romney speaks in Fishersville, Virginia, as Secret Service members keep guard on Thursday, October 4. A day after the first presidential debate in Denver, Romney headed to Virginia to continue campaigning.

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From the campaign trail – Romney supporters bow their heads in prayer during Thursday's event at the Augusta Expoland in Fishersville, Viriginia.

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From the campaign trail – Obama addresses the crowd at the University of Wisconsin in Madison on Thursday.

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From the campaign trail – Romney greets police officers before boarding his campaign plane in Denver on Thursday.

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From the campaign trail – Obama speaks at a campaign rally in Denver on Thursday. He accused his Republican challenger of dishonesty over tax policy and other issues brought up in Wednesday night's presidential debate.

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From the campaign trail – Audience members cheer as Obama makes his way onto the stage at Sloan's Lake Park in Denver on Thursday.

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From the campaign trail – Reporters watch the final minutes of the debate between Romney and Obama in Denver on Wednesday, October 3. The first of four debates for the 2012 election -- three presidential and one vice-presidential -- was moderated by Jim Lehrer of PBS.

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From the campaign trail – A member of the U.S. Secret Service keeps watch from the top of a building as Obama takes part in a debate walk-through at the University of Denver on Wednesday.

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From the campaign trail – A seat is assigned to first lady Michelle Obama prior to Wednesday's debate.

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From the campaign trail – Obama stands at the podium as he speaks during the debate on Wednesday.

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From the campaign trail – Michelle and Barack Obama, left, join Mitt Romney and his family at the conclusion of the first presidential debate.

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From the campaign trail – University of Denver student Sam Garry sits at the moderator's desk before a presidential debate dress rehearsal at the University of Denver on Tuesday, October 2.

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From the campaign trail – Volunteers sit in for on-air television reporters on Tuesday in preparation for the first presidential debate in the Ritchie Center at the University of Denver.

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From the campaign trail – Romney greets a father and his daughter after having lunch Tuesday at a restaurant in Denver.

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From the campaign trail – Obama stares at the Hoover Dam in Nevada during a visit Tuesday.

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From the campaign trail – Romney boards his campaign plane in Bedford, Massachusetts, on Monday, October 1. The Republican candidate was heading to Denver for the first presidential debate on Wednesday.

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From the campaign trail – Obama hugs Chasstiry Vazquez after she indroduced him at a campaign event at Desert Pines High School in Las Vegas on Sunday, September 30.

From the campaign trail – Romney leaves his campaign headquarters in Boston on Sunday.

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From the campaign trail – A boy reaches out to shake hands with Obama on Sunday in Las Vegas. The president was in Nevada ahead of Wednesday's presidential debate in Denver.

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From the campaign trail – Romney arrives at the Church of Jesus Christ of Latter-day Saints in Belmont to attend Sunday services.

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From the campaign trail – Obama talks on the phone with Prime Minister Benjamin Netanyahu of Israel in the Oval Office on Friday, September 28.

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From the campaign trail – Romney speaks during a rally at Valley Forge Military Academy and College in Pennsylvania on Friday.

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From the campaign trail – Romney talks to journalists aboard his campaign plane about his phone call with Netanyahu on Friday.

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From the campaign trail – Cadets listen to Romney speak at a campaign rally Friday at the Valley Forge Military Academy and College in Wayne, Pennsylvania.

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From the campaign trail – Romney addresses Friday's rally at the Valley Forge Military Academy and College.

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From the campaign trail – Vice President Joe Biden hugs U.S. Rep. Debbie Wasserman Schultz, chairwoman of the Democratic National Committee, as he arrives for a campaign event Friday in Boca Raton, Florida.

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From the campaign trail – Romney speaks at a Veterans for Romney campaign event in Springfield, Virginia, on Thursday, September 27.

From the campaign trail – Former Florida Gov. Jeb Bush hugs a waitress as they wait for Ryan's arrival during a campaign stop at a restaurant in Miami's Little Havana neighborhood on Saturday, September 22.

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From the campaign trail – Supporters cheer as they listen to Romney speak during a Juntos Con Romney Rally at the Darwin Fuchs Pavilion on Wednesday, September 19, in Miami.

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From the campaign trail – Romney shakes hands with supporters during the Juntos Con Romney Rally in Miami on Wednesday.

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From the campaign trail – Obama and David Letterman speak during a break in the taping of the "Late Show with David Letterman" on Tuesday, September 18, at the Ed Sullivan Theater in New York.

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From the campaign trail – A crew member opens the door to Air Force One after the jet arrived at John F. Kennedy Airport in New York on Tuesday.

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From the campaign trail – From left to right: Romney, his wife Ann, and son Tagg watch one of Tagg's sons play soccer in Belmont, Massachusetts, on Saturday, September 15.

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From the campaign trail – Ryan arrives onstage to address the Family Research Council Action Values Voter Summit on Friday, September 14.

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From the campaign trail – Supporters wait for Romney to speak at a campaign rally at Lake Erie College in Painesville, Ohio, on Friday, September 14.

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From the campaign trail – Obama arrives at Andrews Air Force Base in Maryland on Thursday, September 13. Obama returned to Washington after a two-day campaign trip with events in Nevada and Colorado.

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From the campaign trail – Supporters cheer as Romney speaks at a campaign rally in Fairfax, Virginia, on Thursday.

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From the campaign trail – An Obama supporter attends a rally in Las Vegas on Wednesday, September 12. Obama focused on economic policies during his two days of campaigning in Nevada and Colorado.

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From the campaign trail – Former President Bill Clinton speaks in support of Obama during a campaign stop in Miami on Tuesday, September 11.

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From the campaign trail – Obama is lifted up by Scott Van Duzer, owner of Big Apple Pizza and Pasta Italian Restaurant, during a visit to the restaurant in Fort Pierce, Florida, on Sunday, September 9. Obama was on a two-day bus tour across the state.

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From the campaign trail – President Obama greets supporters during a campaign stop at the Palm Beach County Convention Center in West Palm Beach, Florida, on Sunday.

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From the campaign trail – Mitt Romney walks through the garage area during a rain delay before the start of the NASCAR Sprint Cup Series Federated Auto Parts 400 at Richmond International Raceway on Saturday, September 8, in Richmond, Virginia.

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From the campaign trail – Ann Romney, wife of Republican presidential candidate Mitt Romney, waves to the crowd before speaking at a rally in Leesburg, Virginia, on Friday, September 7.

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From the campaign trail – Supporters try to stay dry in between rain showers while waiting for President Obama to speak at the University of Iowa on Friday. It was Obama's first day of campaigning after accepting the presidential nomination at the Democratic National Convention in Charlotte, North Carolina.

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From the campaign trail – A girl listens to President Obama speak at the University of Iowa on Friday.

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Photos: From the campaign trail177 photos

From the campaign trail – Vice President Joe Biden, first lady Michelle Obama, President Obama and Biden's wife, Jill, wave after Friday's campaign event at the University of Iowa.

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EXPAND GALLERY

"America is a land of opportunity. But lately, for too many Americans, opportunity has not exactly come knocking," Romney wrote in a recent opinion piece on CNN.com. "We've been mired in an economic slowdown that has left millions of our fellow citizens unemployed. The consequences in dreams shattered, lives disrupted, plans deferred, and hopes dimmed can be found all around us."

The son of a former Michigan governor and auto executive, Romney has long been known among friends for his leadership skills. "This guy is impressive as far as executive ability goes," Romney friend Philip Barlow wrote his mom in 1982. "I think he could be president of the United States."

Reflecting on that note now, Barlow said, "I was that impressed with his executive abilities and him as a leader."

Barlow is a professor of Mormon history and culture and the director of the religious studies program at Utah State University. He served as one of two counselors to then-Bishop Romney in the Church of Jesus Christ of Latter-day Saints.

Portrayals of Romney as "being out of touch with the poor seem kind of silly to me," Barlow said.

"I knew him on that level of real human stuff as opposed to the public image," Barlow said. "The man that I knew is not a caricature. He's not a man without compassion for the poor."

But it is that image of Romney -- an out-of-touch rich guy who shipped jobs overseas as the head of Bain Capital -- that stuck. During various stages along the way, Romney said "corporations are people" and that he "likes being able to fire people." And that was long before his now infamous 47% moocher line.

Romney's Republican opponents in the primaries, and the Obama campaign and Democrats after that, helped create that caricature, defining Romney to the electorate before Romney tried to show them who he was.

At one point, senior Romney aide Eric Fehrnstrom said the fall campaign is "like Etch A Sketch. You can shake it up and we start all over again." It was a comment that dogged the campaign and only served as political fodder of Romney as a flip-flopper, waffler and a candidate with no core values.

But even then, he won the GOP primary, although evangelicals initially were lukewarm to embrace a Mormon who seemed disconnected with the Republican base.

Trailing Obama in polls through the summer, Romney did try to shake up the Etch A Sketch picture he had created of himself as a "severely conservative" candidate, as he once described himself before a gathering of conservatives, tacking to the center in the last weeks of the campaign. But that might have only hurt him, contributing to the image of a politician with no firm convictions.

The fallout late Tuesday was almost immediate within the party. How could Obama have won in an electoral landslide when the economy is sluggish, the country is polarized and a sizable chunk of Americans believe the nation is on the wrong track?

"The takeaway is that a candidate can run for office with a lot of money, but when it takes him until March of 2012 to even get 25% support within his own party, you're running a weak nominee," said Erick Erickson, RedState.com editor and CNN contributor.

The tea party was quick to jump on the defeat.

"What we got was a weak moderate candidate, hand-picked by the Beltway elites and country-club establishment wing of the Republican Party," said Jenny Beth Martin, the national coordinator of Tea Party Patriots.

The strong language served as a salvo to the GOP and a sign of the potential civil war ahead within the party.

Romney had emerged from the primary season as the best alternative after the GOP cycled through a series of hard-line conservatives. In doing so, the once-moderate Massachusetts governor turned to the right, on abortion, health care and immigration.

Even within the Republican Party, many wondered what Romney's principles were: Was he the pro-health care governor who supported abortion rights, or the GOP candidate who pledged to repeal Obamacare and spoke against abortion rights? And why was he not touting his economic vision for the country more?

"You can make the case against Mitt Romney that he didn't sell those business credentials well enough," said Gloria Borger, CNN's chief political analyst. "There will be some Republicans who say it wasn't us. It was him."

"There's pretty common agreement," Erickson added, "that he really didn't run a campaign on the big ideas that he claims. He was rather guarded, even through the debates, on what exactly he was and was not going to do. The Obama campaign hounded him a lot on what his plan was."

The presidential election results are seen as a repudiation of the Republican Party. Most pundits predicted a bitter battle within the party on immigration -- that if the far right doesn't change its intractable position, then the GOP is doomed down the road.

"The Republican Party needs to move forward, not sideways," said Alex Castellanos, a Republican strategist and CNN contributor.

Castellanos, who was a Romney adviser in 2008, compared this moment to the early 1990s for Democrats, when Bill Clinton brought the party closer to the center. "They transformed their party. Republicans are still seen as the party of not having enough solutions," Castellanos said.

"We've got a failing, tanking economy going over the cliff -- and the opposition party was not seen as an alternative."

CNN senior political analyst David Gergen agreed, saying it's imperative that the GOP transform itself. "It's extremely unhealthy for the country to have a Republican Party that relies on whites for about 90% of their national vote," he said.

Borger said President George W. Bush was rebuffed by the GOP base when he pushed for immigration reform 10 years ago -- a stance she said haunted this election for Republicans.

"When you look back on this election, when you look back to the primaries, when you look back to Mitt Romney moving to the right on immigration," Borger said, "I think it was a huge opportunity that they missed."

There will be gnashing of teeth in the days, weeks and months ahead. What lies in store for the Republican Party remains a long way off.

Shortly before 1 a.m. Wednesday, Romney walked onto a stage in Boston and told the crowd he had called Obama to congratulate him on the victory. "I pray that the president will be successful in guiding our nation," he said.

At the end, he walked from the podium to the middle of the stage and gave his wife, Ann, a kiss. Running mate Paul Ryan and his wife, Janna, and Romney family members joined him. The crowd chanted, "Mitt! Mitt! Mitt!"